Escape The Statistic: 82% of Businesses Fail for This Reason
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50% of businesses fail within the first five years, and that figure shoots to 70% in the 10th year according to the SBA – but why? And how do you make sure you’re on the right side of the coin toss?
Why small businesses fail
According to Jessie Hagen, U.S. Bank, 82% of the time, small businesses fail due to one simple reason: poor cash flow management.
Whether it’s a lack of capital, poor money management or overwhelming budgets, it all points back to cash flow.
After getting your head around the failure rate, it’s only natural to feel nervous – no one wants to put their dream to bed. Unfortunately, we don’t know what the future holds, how your product or service will change with time, or whether you’ll qualify for the funding you need. But with the right planning and decision making, you can make sure that you’re not part of these ugly statistics.
How do you know if you have a cash flow issue?
Put simply, if your business is spending more than it makes then you’ve hit the nail on the head.
Warning signs to look out for:
- You’re running out of working capital
- Overtrading – your handling more business than your funds and resources available
- Outstanding receivables are piling up – people aren’t paying you!
- Missing discounts – payables over terms
- You’re bouncing checks – you’re writing checks your bank can’t cash
If you don’t have enough cash to execute your plans then something is backward. If only you could fulfill your plans and vision, your business could avoid failure.
To succeed, you need to get on top of your cash flow:
- You’ll need to know how to manage cash flow effectively
- Learn how to accurately use cash flow forecasting to make future projections and better your business decision making
- Then you’ll need to find the right business funding solution to suit your projections and goals
Now you may be thinking that’s ‘easier said than done’, but this unique service will do all the hard work for you.
Become enables both struggling and stable small businesses to become more successful by improving their funding odds and providing optimal funding solutions (totally free).
See if I qualify >>
Access to capital has a bad rep
Having access to credit is the lifeline for a business. A lack of funding is the primary reason preventing ambitious entrepreneurs from growing their business.
60% of small businesses have no funding options and don’t know how to solve this. The fact is, a huge proportion of businesses are turned away by the banks while harming their credit score. Those small few that do manage to get a business loan, have to endure a lengthy bureaucratic process, only to take a few months to actually receive the funds in their pocket.
The system is flawed.
Become is here to break that system and get businesses the funding they deserve.
Why Become?
- This service will NOT harm your credit score
- Cross-reference one application with 50+ top lenders
- Tailored fundability dashboard
- Step-by-step guidance: Learn how to improve your funding odds
- This service is FREE and obligation free
- Funds in as little as 24 hours
Grow your business the way that you’ve always dreamed. With the right cash flow forecasting, management, and tailored funding solution, you’ll be able to expand your business and get on top of your cash flow.
References
- https://www.sba.gov/sites/default/files/Business-Survival.pdf
- Jessie Hagen of U.S. Bank, cited on the SCORE/Counselors to America’s Small Business website
- http://www.score.org
https://wealth.bmoharris.com/media/uploads/2018/05/02/bmo_infographic_innovation_us_v5-2.pdf